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Spending on pets nearing $50 billion mark

Americans may be cutting corners to cope with the crappy economy, but spending on pets appears healthy as ever, at least according the the American Pet Products Association’s latest report and poll.

Pet ownership is at an all-time high of 72.9 million households — about two of every three households, according to survey results released Monday.

The total number of pets — including 78 million dogs and 86.4 million cats– represents a 2.1 percent increase over last year, according to UPI.

The APPA’s annual report showed Americans spent more than $48 billion on their pets in 2010, an increase of of 6.2 percent over 2009, and it anticipates spending could top $50 billion in 2011.

The biggest surge in spending is expected to be in the area of veterinary care, with the APPA estimating $14 billion will be spent by pet owners in 2011.

More than 15 percent of dog owners, in fact, said their animal’s medical treatment would take priority over their own, according to a Reuters report on the poll.

Spending on treats, toys and accessories was up a reported 30 percent, from $56 million to $73 million. And the cost of buying a dog has also spiked from $121 to $364 due to the increased price of pure breeds.

“The pet industry continues to see unprecedented growth,” said APPA President Bob Vetere. “The survey reveals pet owners are willing to spend money on their pets despite a downturn in the economy.”

(Photo: Money sculpture by Justine Smith. To see more of her art visit justinesmith.net)